Rivian is jumping on last-minute funding from the Biden administration
Citing people familiar with the matter, Bloomberg says that Rivian and Plug Power are set to get some 11th-hour financing from the Department of Energy before President-elect Donald Trump returns to office next week.
The electric-vehicle maker is up more than 3% in early trading following this report, which suggests it will be the recipient of a loan in the ballpark of $6.6 billion to aid in the construction of a manufacturing plant in Georgia. Plug Power is allegedly poised to get a loan guarantee of nearly $2 billion to build hydrogen plants.
But this hasn’t been enough of a catalyst to keep that stock in the green today, with shares swinging from a gain of almost 10% to down 4%. Enthusiasm for Plug may have also been reversed by two large trades that saw nearly 6 million shares unloaded from 10:08 through 10:11 a.m. ET. Activity took place on the “bid” side, suggesting a motivated seller.
Presumptive DOGE co-head Vivek Ramaswamy has said that loans of this nature are “illegitimate & should be rescinded.”
The electric-vehicle maker is up more than 3% in early trading following this report, which suggests it will be the recipient of a loan in the ballpark of $6.6 billion to aid in the construction of a manufacturing plant in Georgia. Plug Power is allegedly poised to get a loan guarantee of nearly $2 billion to build hydrogen plants.
But this hasn’t been enough of a catalyst to keep that stock in the green today, with shares swinging from a gain of almost 10% to down 4%. Enthusiasm for Plug may have also been reversed by two large trades that saw nearly 6 million shares unloaded from 10:08 through 10:11 a.m. ET. Activity took place on the “bid” side, suggesting a motivated seller.
Presumptive DOGE co-head Vivek Ramaswamy has said that loans of this nature are “illegitimate & should be rescinded.”
